UK Chancellor George Osborne announces the details of £81 billion in government spending cuts, which will slash up to one million private and public sector jobs.

The Chancellor announced Thursday the unprecedented public spending cuts to the House of Commons, which will see 500,000 job cuts from the public sector as public departments face an average of 19 percent in cuts to their budgets.

The cuts will also cut welfare programs by £7 billion, namely slashing benefits to families and the disabled, the state-run BBC reported.